FIDELITY – Blockchain marketplace based on tokenization of loyalty points is the future of customer retention. The desire of a customer to earn and redeem is well addressed in our Blockchain marketplace solution, FIDELITY. In a typical customer set, as per statistics, only 24% of the shoppers use the reward they earn across the spectrum of programs subscribed. Common reasons float on the challenging process of voucher redemption, limited product and merchant portfolio to choose from and inefficient customer experience.
On the other side, loyalty providers face countless issues of cumbersome merchant onboarding, countless reconciliation & settlements whenever their loyalty system is used for a merchant and henceforth always a limitation on scalability at an ecosystem level. Merchants are not pardoned as well in the current system with challenges of limited product visibility on catalogs (owing to issues of data sync, catalog refresh) and complexity to execute a sale on the loyalty/ reward app.
With the above context, FIDELITY is a well-thought solution by the industry experts overcoming all the relevant issues faced by users. The marketplace running on state of the art Blockchain technologies creates a distributed ledger for loyalty providers, merchants. Uploading catalogs, sync of data, loyalty commerce, reconciliation and settlements become a piece of cake with automated smart contracts and in-built consensus algorithms. Customers get an edge on experience with the use of Dapps where purchases are made seamlessly with no hassle of voucher systems, redemption using physical copies as if it’s a usual online retail app.
Blockchain Marketplace is the idea of creating a global marketplace on a futuristic Blockchain ecosystem bringing rewards closer to sales.